International Monetary Fund managing director Kristalina Georgieva at the World Government Summit at Dubai Expo 2020 last month. AP
International Monetary Fund managing director Kristalina Georgieva at the World Government Summit at Dubai Expo 2020 last month. AP
International Monetary Fund managing director Kristalina Georgieva at the World Government Summit at Dubai Expo 2020 last month. AP
International Monetary Fund managing director Kristalina Georgieva at the World Government Summit at Dubai Expo 2020 last month. AP

Advanced economies should increase efforts to boost global recovery


Alkesh Sharma
  • English
  • Arabic

Developed economies should increase efforts to help the global economy recover from challenges, the heads of the World Bank and the International Monetary Fund said.

Russia's military offensive in Ukraine, the sanctions imposed on Moscow as a result of the war, Covid-induced lockdowns in China, rising inflation, increasing debt and supply chain disruptions have derailed the world economy, they said on Tuesday.

The pandemic’s impact is still not over and on the top of it we have Russia invasion of Ukraine
Kristalina Georgieva,
IMF managing director

IMF managing director Kristalina Georgieva and David Malpass, the lender’s president, urged the advanced economies to accelerate efforts to achieve inclusive growth.

“We are facing a major setback for the world economy," Ms Georgieva said.

"The pandemic’s impact is still not over and on the top of it we have Russia invasion of Ukraine … devastating the people of Ukraine but also impacting countries both close and far.

“Our growth projection for this year is 3.6 per cent compared with 6.1 per cent for 2021 when the recovery was picking up momentum.

"The negative impact of war goes to so many places and we are downgrading 143 countries, some 86 per cent of the world’s GDP [gross domestic product].”

World Bank president David Malpass. AFP
World Bank president David Malpass. AFP

The IMF on Tuesday projected global growth at 3.6 per cent in 2022 and 2023, revising it down 0.8 and 0.2 percentage points from its January forecast.

The revision largely reflects the global spillovers of Russia’s military offensive in Ukraine and its devastating effect on both of their economies.

“People’s income is moving down while hardships are going up … [we] also recognise extreme uncertainty," Ms Georgieva said.

"War might get worse, sanctions can tighten up, Covid can again roam around the world, and we can have shocks leading to failure of crops. It is a tough time for policy makers."

On Monday, the World Bank also cut its forecast for global growth to 3.2 per cent, from its earlier expectation of 4.1 per cent.

“Pressure on low-income countries is building up fast," Mr Malpass said. "We hope for peace and ways so that war can be stopped and some of these crises can be alleviated.

"It is critical to focus on more supplies … I am concerned with the [growth] forecast. The slowdown from 2021 is substantial.

“Advanced economies must really step forward with food production, fertiliser production and above all the core element is [the] energy production problem as world tries to get away from the Russian energy supplies.

"I am just back from Poland and Romania. I am concerned because the challenge of energy crisis is immense … [due to the] dependency on Russian natural gas.”

Russia is the world’s third-largest oil producer and the largest exporter, with about 5 million barrels a day of its crude representing about 12 per cent of global energy supplies.

About 60 per cent of Russia’s oil exports go to Europe and another 20 per cent to China, the International Energy Agency says.

Ms Georgieva and Mr Malpass were speaking at an online conference titled, "The Way Forward: Responding to Global Shocks and Managing Uncertainty", which is part of the Spring Meetings of the World Bank and IMF.

The timeline for emerging markets and developing economies to return to the pre-pandemic growth projections is also dismal, Ms Georgieva said.

By 2026, the emerging market and developing economies will be still 6 per cent below their 2019 projections, she said.

The advanced economies have a “moral obligation to generate more opportunities, more growth and support financially vulnerable countries”, she said.

A view shows a plant of Azovstal Iron and Steel Works company behind buildings damaged in the course of Ukraine-Russia conflict in the southern port city of Mariupol. Reuters
A view shows a plant of Azovstal Iron and Steel Works company behind buildings damaged in the course of Ukraine-Russia conflict in the southern port city of Mariupol. Reuters

The education sector in poor economies has taken a hit since the onset of the pandemic, the Word Bank said.

Children lost more than a year of education due to the school closures amid the health crisis, with 1.6 billion out of school globally at the peak of lockdowns.

“There is a reversal in education," Mr Malpass said. "Schools were closed due to the Covid, and data showed very clearly the backsliding in education and literacy.

"Above 70 per cent of children in low-income countries are not able to read basic text at 10 years of age. Reading literacy has gone downward and it impacts the whole world."

The current generation of pupils risk losing $17 trillion in lifetime earnings in present value, equal to nearly 14 per cent of today’s global economy, because of the Covid-related school closures, a December report by World Bank, Unesco and Unicef said.

FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)

NATIONAL%20SELECTIONS
%3Cp%3E6pm%3A%20Falling%20Shadow%3Cbr%3E6.35pm%3A%20Quality%20Boone%3Cbr%3E7.10pm%3A%20Al%20Dasim%3Cbr%3E7.45pm%3A%20Withering%3Cbr%3E8.20pm%3A%20Lazuli%3Cbr%3E8.55pm%3A%20Tiger%20Nation%3Cbr%3E9.30pm%3A%20Modern%20News%3C%2Fp%3E%0A
The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

Brief scores:

Manchester United 4

Young 13', Mata 28', Lukaku 42', Rashford 82'

Fulham 1

Kamara 67' (pen),

Red card: Anguissa (68')

Man of the match: Juan Mata (Man Utd)

MATCH INFO

Bayern Munich 2 Borussia Monchengladbach 1
Bayern:
 Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)

Man of the Match: Breel Embolo (Borussia Monchengladbach)

Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

Race card

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9pm: Handicap (TB) Dh105,000 (T) 2,410m

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Korean Film Festival 2019 line-up

Innocent Witness, June 26 at 7pm

On Your Wedding Day, June 27 at 7pm

The Great Battle, June 27 at 9pm

The Witch: Part 1. The Subversion, June 28 at 4pm

Romang, June 28 at 6pm

Mal Mo E: The Secret Mission, June 28 at 8pm

Underdog, June 29 at 2pm

Nearby Sky, June 29 at 4pm

A Resistance, June 29 at 6pm 

 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Duminy's Test career in numbers

Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Du Plessis plans his retirement

South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.

Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.

"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday. 

Sleep Well Beast
The National
4AD

UAE currency: the story behind the money in your pockets
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

The biog

Name: Gul Raziq

From: Charsadda, Pakistan

Family: Wife and six children

Favourite holes at Al Ghazal: 15 and 8

Golf Handicap: 6

Childhood sport: cricket 

Updated: April 19, 2022, 8:13 PM`